We are facing an unprecedented situation due to the current global pandemic, forcing us to adapt to such things as social distancing, travel restrictions, and a reluctance to handle currency. This creates a challenging environment, forcing us all to adapt. With a deep consumer base, both Banking and Non-Banking Financial Companies are turning to banking technology innovations, such as automation and robotics to adjust. This both makes their services more efficient as well as more consumer-friendly. It is a smart way to do business.
Banking Technology innovations pre-COVID times
Until this last year, Finance and Banking were on a steady growth track, with deposits climbing, increased rural penetration, and innovative new services such as internet banking, mobile banking, UPI, and agency banking. These technological innovations coupled with the changes in the marketplace fuelled the expansion of banking penetration in rural India, combining to fuel a massive expansion.
COVID impact in Banking Technology Innovations
Since the nationwide lockdown was announced, broad swaths of the economy have largely shut down. Supply chains have stalled, commerce has dropped off a cliff, and anything that involves people gathering has frozen. Banking activity supports every sector of the economy, so it is imperative that they lead the way in finding solutions.
Banking Technology Innovations are mainly focussing on three Key pillars
- Make it Intelligent
Ms. Anna Celner, Global Banking and Capital Markets Leader for Deloitte, has authored a report that highlights the key values of Digitalization. It redefines a business, automating data quality, and allowing leadership to focus on opportunities instead of exception management. It is the foundation for success.
Things such as contactless payments, digital invoices, and online recordkeeping are all benefits that customers are clamoring for. Solutions such as the Collection and Recovery Module of Beacon Banking Solution from Speridian Technologies fits this need perfectly. It both offers these services as well as providing a host of high-value operational offerings, such as workflow automation, activity scheduling, and document validation. These are all things that consume too much time for both a bank and their clients, so automating them is a win-win for everyone.
One of the key challenges for any bank is repetitive tasks. These are dreary work for the employee, training hurdles for new-hires, and a constant source of data quality issues as people just do not do them very well. Automating them with Bot technology is a huge win. It takes away a task people struggle with, allowing them to focus on more meaningful work, and it does it well. Orders process smoothly, going where they need to go and minimizing exception handling. In practice, this also results in massive productivity gains as they largely eliminate wait time. One key way to make your bank great is to use bots to automate!
Make it Intelligent
Once upon a time, Artificial Intelligence (AI) and Machine Learning (ML) sounded like something from a bad science fiction movie. But times have changed. These tools have developed rapidly and are now used by numerous financial institutions to bring a whole new level of perspective to their businesses. They are used to predict such things as customer behavior, credit quality, and opportunities to improve. Capable of doing everything from answering phone calls to help make hiring suggestions, they open a broader world of possibilities. Large companies have used them for years, but advances in technology are now making these more affordable for smaller institutions, hungry to improve their business.
Anjum Qurishid, AVP, WIPRO – “AI will not only empower banks by automating its knowledge workforce, but it will also make the whole process of automation intelligent enough to do away with cyber risks and competition from FinTech players.”
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